24 Feb 2015
DXY wobbles around 94.60
FXStreet (Edinburgh) - The greenback, tracked by the US dollar index, is now alternating gains with losses in the 94.60 area.
DXY softer post-Yellen
After hitting levels just above the key 95.00 mark, the upside momentum soon started to dye off as market participants started to perceive Yellen’s testimony could not be as hawkish as initially expected.
The dollar could not find relief in today’s mixed calendar either. The S&P/Case-Shiller index and Markit’s Services PMI came in above expectations, while Consumer Confidence and the Richmond manufacturing index missed consensus.
DXY levels to consider
The index is now losing 0.04% at 94.63. The immediate support lines up at 93.90 (low Feb.19) followed by 93.87 (low Feb.17) and finally 93.39 (low Feb.3). On the flip side, a breakout of 95.09 (high Feb.24) would open the door to 95.10 (high Feb.12) and then 95.23 (high Feb.11).
DXY softer post-Yellen
After hitting levels just above the key 95.00 mark, the upside momentum soon started to dye off as market participants started to perceive Yellen’s testimony could not be as hawkish as initially expected.
The dollar could not find relief in today’s mixed calendar either. The S&P/Case-Shiller index and Markit’s Services PMI came in above expectations, while Consumer Confidence and the Richmond manufacturing index missed consensus.
DXY levels to consider
The index is now losing 0.04% at 94.63. The immediate support lines up at 93.90 (low Feb.19) followed by 93.87 (low Feb.17) and finally 93.39 (low Feb.3). On the flip side, a breakout of 95.09 (high Feb.24) would open the door to 95.10 (high Feb.12) and then 95.23 (high Feb.11).